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7 Key Views Consumers Have On Their Data

7 Key Views Consumers Have On Their Data2018-05-092018-05-09https://tealium.com/wp-content/uploads/2014/11/tealium_logo_white_01.pngTealiumhttps://tealium.com/wp-content/uploads/2018/05/shutterstock_594536879-e1525889930745.jpg200px200px

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In two weeks the long-awaited General Data Protection Regulation (GDPR) will be in full effect and some brands are still scrambling to ensure their compliance in time. But it’s critical brands are not only focused on the legal ramifications and rules but also customer experience, and more importantly, customer views, preferences and expectations.

How do consumers expect their data to be used by a brand? Will they exercise their new rights under GDPR? What data-driven practices will brands begin implementing in their own organizations? Tealium partnered with DataIQ to conduct a twin-track research project to answer just that in producing the packed-with-stats report GDPR Impact Series 2018.

The research was built around four key areas of data protection and privacy management:

Mobile and Digital Data (and the issues specific to those channels)

Relevance and Accuracy (how data should be kept up-to-date)

Data Readiness (how consumers and businesses are preparing for GDPR)

Regtech (how technology can support GDPR compliance)

Customers are telling the brands they interact with what they want – is your brand and technology listening?

Some of the key findings from this consumer-driven research included:

The number of consumers who say they are happy to share their data if they trust the company has nearly doubled between 2016 and 2018, from 16% to 30%

Six out of ten consumers now say they are aware – either fully or somewhat – of a new data protection law. This has reversed the position from last year when six out of ten said they were either only slightly aware or had heard nothing about it

Overall, consumers have a positive view of their mobile and digital experiences with the highest level of likes being scored by convenience (ex: autofill), interest-based content and offers or loyalty-based pricing

How do consumers feel about personalization? Having a choice is the critical issue for one-third of them when it comes to personalization in mobile and digital channels

25% of consumers expect their experience to be different on each device they’re on and interacting with and 21% expect the personal information they have shared with a brand to be used across all of their devices

Consumers who trust the brands they interact with are 2.5 times more likely to see no problem with the use of cookies to track them and have half the likelihood of avoiding opting-in

3 out of 10 consumers appear unaware of any way in which their mobile and digital experience is data-driven, suggesting organizations need to make the data-value exchange clearer in order to sustain data owners and permission

By knowing what your customers prefer and expect from your brand, you will be able to deliver the moments that matter most to them.

Whether you view data as the new oil or as the beginning of the fourth industrial revolution, its relevance in today’s world is hard to deny. By laying the groundwork now, businesses will be able to embrace the opportunities presented by GDPR.

This research takes us one step closer to a more comprehensive understanding of how to truly put the customer (and their expectations) at the center of everything a brand does.

Download the entire GDPR Impact Series 2018 Whitepaper for even more great findings, views and stats on how aware consumers are of the way data is collected from their mobile and digital footprint, as well as how businesses rely on these data streams to deliver personalized services in creating a better customer experience.

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